2.5 Million Homeowners 'Trapped' In Their Own Homes

London, United Kingdom (PressExposure) November 10, 2009 -- One in four (24%) homeowners are stuck in their current property for longer than they planned due to not being able to sell at the price they want. This rises to one in three (37%) over 55s who are trapped within their current home as falling house prices has meant they can’t get the price they want for it.

One in five (22%) of those who are living in their current home longer than originally planned are doing so because they can’t afford the mortgage repayments on their next home. The 35 to 54 year olds are most affected by not being able to afford their next mortgage repayments as one in four (25%) state this as the reason why they can’t move.

14% of homeowners state they are unable to afford their next home’s deposit as the reason why they cannot move up the property ladder. This number rises to 23% of those aged between 18 and 24.

Homeowners looking to move are recommended to look for whole of market mortgage advice [http://www.unbiased.co.uk/find-a-mortgage-adviser/mortgage-advice]. Karen Barrett, Chief Executive of Unbiased.co.uk comments, “The recent property market volatility has had major implications on homeowners’ plans to move up the property ladder. Many have relied on their home either as an investment for the future or to help them to move onto the next rung of the housing ladder. However, millions have now realised that their plans have been put on hold by the current state of the property market, and they now have to remain in their current house for longer than they had originally planned.

“Being able to access an affordable mortgage for your next property is a vital part of the house buying process. With stricter lending criteria and larger deposits needed in the current environment home buyers should ensure they seek professional advice when it comes to financing their property. It is important that those looking to move get the best advice possible, and only a whole of market mortgage adviser has access to the full range of deals on the market and can offer impartial advice on the best option for you. Consumers can carry out a confidential and free search to find a whole of market mortgage adviser near them by going to Unbiased.co.uk”

About Unbiased

Notes to Editors


Unbiased.co.uk is the free and confidential UK-wide search service matching consumers with the most appropriate local professional advisers for their needs. The portal currently houses three professional advice searches: ‘find an IFA’, 'find a mortgage adviser', and ‘find a solicitor’, and is inviting accountants to sign up for its ‘find an accountant’ service. These searches enable consumers to find relevant professional advisers by postcode, area of specialism and payment method, amongst other options.

Press Release Source: http://PressExposure.com/PR/Unbiased.html

Press Release Submitted On: November 10, 2009 at 8:07 am
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